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Russia No. 4 on Billionaire List

Published: March 4, 2003 (Issue # 848)



  • Khodorkovsky
    Photo: The St. Petersburg Times

MOSCOW - Russia's per capita GDP may be dragging behind Costa Rica's, but its head count of billionaires is the fourth highest in the world, according to Forbes magazine's annual rating of the super rich, released late last week.

The list of the country's billionaires burgeoned to 17 over the past year - 10 more than in 2002 - thanks to high oil prices, a growing stock market and greater corporate transparency.

For a second year in a row, Russia's richest men have managed to buck the trend of shrinking fortunes. Worldwide, the number of billionaires year on year fell from 497 to 476 and their combined wealth from $1.54 trillion to $1.4 trillion. Microsoft co-founder Bill Gates, steadily No. 1 on the Forbes list since 1998, ended up $12.1 billion poorer than the year before, his worth dropping to $40.7 billion.

All but five of Russia's billionaires are heavily involved in the oil sector.

The strongest showing was by Yukos, whose top executive Mikhail Khodorkovsky retained his title as Russia's richest man and shot up from his No. 101 spot last year to No. 26. Khodorkovsky's estimated worth more than doubled - from $3.7 billion to $8 billion.

Of the 10 new tycoons on this year's list, five earned their riches at Yukos or affiliated banking and insurance conglomerate Menatep.

Khodorkovsky, who says that he owns 6 percent to 7 percent of the company, attributed the jump in his fortune to Yukos' growing capitalization.

"These are the same shares of the same company," Interfax quoted him as saying.

"The fact that it is becoming worth more means that our work has been a success. The fact that a lot of oil executives made it onto the list means that our oil sector is the most public and open. I think that my fellow businessmen from other sectors still have the journey toward financial transparency ahead of them."

Stephen O'Sullivan, head of research at United Financial Group, said that one big reason for the rising number of Russian billionaires is greater disclosure.

"Most people have taken the view that Mr. Khodorkovsky owns Yukos and now we know that he does. But many other people have large stakes as well," O'Sullivan said Friday. "People we didn't know about last year, we now know about."

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Wednesday, Nov. 26


AmCham’s Public Relations Committee will meet this afternoon in their office in the New St. Isaac’s Office Center on Ulitsa Yakubovicha at 4 p.m.


Zoosphere, an international exhibition focusing on the pet industry, opens today at the Lenexpo convention center on Vasilievsky Island. Not only will items such as toys, terrariums and accessories be available for purchase, but animal enthusiasts can also learn about the latest in veterinary medicine and behavioral training thanks to the conferences and presentations that are part of the event.



Thursday, Nov. 27


The Customs and Transportation Committee for AmCham meets this morning at 9 a.m. in their office on Ulitsa Yakubovicha.


Tickets are still available for local KHL team SKA St. Petersburg’s showdown with Siberian club Metallurg Novokuznetsk tonight at 7:30 p.m. in the Ice Palace outside the Prospekt Bolshevikov metro station. Tickets can be purchased on the team’s website, at the arena box office or in their merchandise store on Nevsky Prospekt.


Celebrate one of Russian literature’s most tragic figures during Blok Days, a two-day celebration of the 134th anniversary of the poet’s birthday. The tragic tenor’s work, which led to writer Maxim Gorky to hail him as Russia’s greatest living poet before his death in 1921, will be recited and meetings and discussions about his contributions to the Silver Age of literature in St. Petersburg will be discussed in the confines of his former residence.



Friday, Nov. 28


Join table game aficionados at the British Book Center’s Board Game Evening. Held every Friday at 5 p.m., aficionados and amateurs alike can come take part in a variety of different games that test one’s intellect and cunning.



Saturday, Nov. 29


Cats, dogs, birds, rodents and reptiles are just some of the things that will walk and crawl at Lenexpo convention center this weekend as part of Zooshow, a two-day exhibition featuring not only man’s best friends but a four-legged fashion show, as well as a food fair that will help pet owners find out more about which kibbles are best for their hungry pets.



Sunday, Nov. 30


Remember the 75th anniversary of the beginning of the Russo-Finnish war in 1939 during today’s reenactment titled “Winter War: How it Was.” More than 200 people will take part in recreating the opening salvoes of the battle for the north in Kamenka, a small village situated between Vyborg and St. Petersburg, using authentic equipment and vintage vehicles from the era. The faux battle begins at 2 p.m.



Monday, Dec. 1


Serbia filmmaker Emir Kusturica is the featured guest this evening at the Lensovet Palace of Culture the Petrograd Side. Fans of the director will get the chance to watch his movie “Black Cat, White Cat,” as well as ask questions about his award-winning filmography. Tickets for the event, which starts at 7 p.m., start at 2,000 rubles ($42.50).



Tuesday, Dec. 2


Today is the final day of “Takoy Festival,” a three-week program of plays based on the works of Dostoevsky, Remarque and other famed European writers, whose work is transcribed for theatrical performances. Tonight’s festival finale is “Fathers and Sons,” a two-act drama staged by the Novosibirsk Academic Drama Theater based on Turgenev’s classic about familial relations.



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